Canada Case Law

Fox Island Development Ltd. v. Kensington Union Bay Properties Nominee Ltd.

Court

Supreme Court of British Columbia

Bygenteel failed to prove both elements required by s.29(2) LTA: (1) notice to Fox Island of Bygenteel's unregistered interests prior to registration of the Mortgage; and (2) participation by Fox Island in equitable fraud. Consequently Fox Island's registered mortgage is valid and enforceable in first priority over the P5 Parking Stalls and the Parking Stalls Net Proceeds.

Source excerpt

• Priority of security
• Notice
• Equitable fraud under s.29(2) lta
• Unregistered interests
• Mortgage priority
• Costs

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Shape Capital Corp. v. Keltic (Prior) Development Limited

Court

Supreme Court of British Columbia

The court approved a Minimum Sales Price Order authorizing the Receiver to sell individual strata units at no less than the bottom of the price ranges contained in the confidential appendix and to obtain vesting orders by desk application, provided the Receiver gives seven calendar days written notice to any person with a charge that would be vested away; the order was time‑limited to expire on February 19, 2027 unless renewed. The court also approved the Receiver's activities to date. The decision rested on Soundair considerations, evidence of reasonable marketing and valuation, support from…

Source excerpt

• Minimum sales price order
• Vesting orders
• Notice to subsequent chargeholders
• Builders' liens
• Approval of receiver's activities
• Deference to receiver

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Bank of Nova Scotia v. Fraser Valley Renewables Ltd.

Court

Supreme Court of British Columbia

The court approved the sale because the Receiver conducted a fair, competitive and adequately publicized marketing process consistent with Soundair given the pressing environmental risks and holding costs; the Purchaser demonstrated financing and remediation capacity and the sale on "as is, where is" terms was justified. The court authorized the Receiver to assign the Corporate Debtors into bankruptcy because the Corporate Debtors were insolvent, bankruptcy would likely occur and would be in stakeholders' interests by enabling trustee investigatory powers and potentially reordering CRA deemed…

Source excerpt

• Sale approval under receivership
• Soundair principles
• Assignment into bankruptcy by receiver
• Deemed trust and priority (cra)
• Right of redemption
• Sealing of confidential materials

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Unity Health Toronto v. 2442931 Ontario Inc.

Court

Court of Appeal for Ontario

The Court of Appeal dismissed a motion to review a chambers judge’s refusal to treat a stay-lifting order as appealable as of right under the BIA.

• Appealability under bia s.193
• Lift of stay of proceedings
• Termination of project agreement
• Standing to enforce contractual payments
• Leave to appeal
• Receivership administration

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Toronto-Dominion Bank v. 1871 Berkeley Events Inc.

Court

Court of Appeal for Ontario

The Court of Appeal for Ontario dismissed motions for an extension of time and a stay pending appeal in a receivership sale dispute, finding insufficient explanation, prejudice, and no merit.

• Extension of time to appeal
• Stay pending appeal
• Approval and vesting order (avo)
• Leave to appeal
• Soundair principles
• Receivership

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Royal Bank of Canada v. 1434399 Ontario Inc.,

Court

Court of Appeal for Ontario

The Court of Appeal for Ontario held there was no right of appeal under s. 193(a) or s. 193(c) of the BIA and denied leave to appeal, awarding costs to the receiver.

• Right of appeal under s.193 bia
• Leave to appeal
• Approval and vesting order
• Redemption of mortgage
• Discharge of receiver
• Costs

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V K Delivery & Moving Services Ltd. (Re)

Court

Supreme Court of British Columbia

The court refused to extend the CCAA stay for the VK Group and granted RBC's application to appoint a receiver under BIA s. 243(1).

• Ccaa stay extension
• Good faith and due diligence
• Secured creditor rights
• Bia s.243 receivership
• Deemed trust (cra)
• Financing proposal and creditor prejudice

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WIT Management Corp. v. Aulakh

Court

Supreme Court of British Columbia

The court largely dismissed a document production application, ordering only limited disclosure of existing transloading and storage records in the defendants' possession, power or control.

• Document production under rule 7-1
• Possession/power/control of documents
• Proportionality of disclosure
• Bare trust/share ownership dispute
• Creation of documents prohibition
• Costs for interlocutory applications

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Cameron Stephens Mortgage Capital Ltd. v. Conacher Kingston Holdings Inc.

Court

Court of Appeal for Ontario

The Ontario Court of Appeal upheld an order reopening a receivership auction after a 37% higher late offer emerged, and extended bidding by 48 hours.

• Approval and vesting order
• Sale process in receivership
• Late offers and re-opening auctions
• Confidentiality of bids
• Standing
• Appeal as of right and leave under bia s.193

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Sanovest Holdings Ltd. v. Ecoasis Developments LLP

Court

Supreme Court of British Columbia

The court amended an existing receivership order to include Ecoasis Resort and Golf LLP’s business, finding it insolvent and needing receiver control to preserve value.

• Appointment of receiver
• Amendment of receivership order
• Asset preservation
• Secured creditor rights
• Receiver financing
• Oppression proceedings

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